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Gulf of Guinea Focus Week 40


Nigeria loses N503.5bn As Gasflaring Rises 15.9%
Nigeria loses N503.5bn As Gasflaring Rises 15.9%

Despite the Federal Government’s commitment to achieving zero flaring by 2060, gas flaring increased by 15.9 per cent year-on-year, YoY, to 187.6 million metric standard cubic feet, MSCF, in the first nine months (January – September) of 2023, from 157.8 MSCF in the corresponding period of 2022. The flared gas was worth $656.6 million, which translates

to N503.5billion at the current Central Bank of Nigeria, CBN, exchange rate of N766.9/United States dollar. The National Oil Spill Detection and Response Agency, NOSDRA, which disclosed this in its latest data, stated that the oil-producing companies responsible for the flaring would pay $375.2 million (an equivalent of N213 billion) for breaching the gas flaring laws during the period.


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No Plans to Hike Petrol Price –NNPC Limited
No Plans to Hike Petrol Price –NNPC Limited

The Nigerian National Petroleum Company Limited (NNPC Limited), allayed motorists’ fears of a possible petrol price hike. The uncertainty has forced consumers to engage in panic buying to hedge against an anticipated price increase, following reports that the landing cost of petrol had shot up. The national oil company on its X handle asked the public to disregard wide speculations suggesting that a petrol price increase was in the offing. It said: “Dear

esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please, buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”


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Navy Seizes Boat Engaged In Illegal Bunkering
Navy Seizes Boat Engaged In Illegal Bunkering

The Nigerian Navy Ship, NNS BEECROFT has thwarted illegal bunkering within the igboelejo community area of Lagos State and seized the boat used for the criminal activity. The Commander, NNS BEECROFT, Commodore Kolawole Oguntuga, disclosed this while addressing newsmen in Lagos. Oguntuga said that the feat was made possible in response to intelligence received, through the stateof-the-art Maritime Domain Awareness Facility, the

Falcon Eye Alignment. He said that the vessel contained 205 drums of a substance suspected to be Premium Motor Spirit and other products. “The patrol team vectored to the specified area successfully apprehended a large blue fibre boat suspected to be engaged in illegal bunkering.


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Navy Flags Off Two Operations To Further Secure Gulf Of Guinea
Navy Flags Off Two Operations To Further Secure Gulf Of Guinea

Chief of Naval Staff, Vice Adm. Emmanuel Ogalla flagged off “Exercise Crocodile Lift’’ and “Ex-Grand African Nemo 2023’’ in Lagos to improve maritime security in the Gulf of Guinea. Ogalla flagged off the combined sea exercises aboard Nigerian Navy Ship (NNS) KADA at NNS BEECROFT, Apapa, Lagos State. Five Nigerian Navy Ships, NNS KADA, NNS ABA,

NNS UDU, NNS KANO and the Deep Blue Lagos would take part in the exercises Ogalla said the exercises were initiated by the French Navy in collaboration with the Nigerian Navy and other strategic partners.“Several security breaches in the Gulf of Guinea pose serious challenges to Nigeria’s national well-being.


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Gas Must Be the Main Driver of Nigeria’s Energy Transition – NGA
Gas Must Be the Main Driver of Nigeria’s Energy Transition – NGA

Akachukwu Nwokedi, president of the Nigeria Gas Association (NGA), has said gas has to be the main driver of Nigeria’s energy transition as many Nigerians do not have access to electricity. He stated this while speaking at a panel session during the 2023 annual international conference of the Association of Energy Correspondents of Nigeria in Lagos. Nwokedi said as the country sets its target towards net zero by 2060, it has to set its priority

right by maximising its huge gas resources as a gas nation with little oil in it. “Gas has to be the main driver of our energy transition.” According to the NGA president, there are enormous challenges confronting the country such as insecurity, asset vandalisation and community unrest, although the Petroleum Industry Act is addressing them.


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Senate Launches Probe Into Crude Oil Theft, Tasks Five Committees
Senate Launches Probe Into Crude Oil Theft, Tasks Five Committees

The Senate has mandated its committees on Petroleum Resources, (Upstream, ownstream,) Gas, Host communities and Niger Delta to conduct investigation on oil theft in the region. It specifically mandated the committees to investigate the actions of security forces, militia groups, local populace, company employees, and any individuals or entities suspected to be using sophisticated methods to pilfer from oil facilities within the country. The resolution was sequel to adoption of a motion at plenary on ‘Urgent need to investigate incessant and nefarious acts of crude oil thefts in Niger- Delta region’.


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